Cyber criminals are likely going to be setting their sights on such higher-end items as Rolex watches and MacBook Air computers on the Monday after Thanksgiving, commonly known as Cyber Monday, as well as digital gift cards.
That’s according to a just-released report from online fraud technology provider Forter, which analyzed 2.8 million online transactions that it processed across several verticals over a six-month span. Forter looked at fraudulent purchase attempts its software was able to prevent and at fraud that slipped through in the following categories: luxury items, electronics, digital goods (gift cards, World of Warcraft gold), business services (hosting services, remote hosting), legitimacy boosting (SEO, phone-verified accounts), and food and fun.
The company’s data shows that in addition to high-end electronic devices, Louis Vuitton handbags and diamond engagement rings are popular fraud targets.
“The high-ticket goods are certainly the most highly desirable as well as luxury items, and I would follow that with digital goods,” Forter chief marketing officer Bill Zielke says. “Those are the items that retailers have to pay primary attention to. Those are the ones that have a bigger impact.”
Jomashop.com, an e-retailer of luxury watches, pens and other items, is paying attention.
“We have seen a recent spike in attempts to process fraudulent transactions through our site from both domestic and international sources. The focus has very much been toward high-ticket luxury watches and jewelry,” general manager Osher Karnowsky says. Jomashop, No. 203 in the Internet Retailer 2015 Top 500 Guide, began using Forter’s automated fraud review technology in 2014 and says it relies on it to “ensure that we successfully navigate this higher-risk period”
Forter’s data also found that digital gift cards in particular are popular with criminals because they’re an easy target.
“There’s no shipping involved,” Zielke says. Once a criminal obtains the gift card information, the services are gone and the thief is “a click away from being able to use that number immediately. That’s why the vulnerability is there.”
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